Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Final offer for Ted Baker
Authentic Brands LLC have this morning issued a statement in conjunction with the directors of Ted Baker LON:TED to table a final cash offer for shareholders. This is being recommended by Ted Baker directors and is for 110p per share, reflecting an 18% premium from last night’s close and an 11% uplift from the price when the offer period opened. Give the stock was trading around £25 back in 2018, long term investors may be rather nonplussed by the proposal, but Authentic Brands make clear this is the last offer they will table.
#2. Sage acquires Lockstep
Accounting software provider Sage Group LON:SGE has this morning announced it is to buy US based Lockstep, a provider of cloud native technology that automates accounting workflows between companies. No financial details are disclosed but the deal is seen as enabling Lockstep to accelerate the development of connected accounting.
#3. BHP: bumper profits as commodity prices surge
Full year results to June 30th are out from BHP [LON:BHP] today. The company announced its second highest profit ever, following a 26% increase in the underlying thanks to surging commodity prices. Management did warn of rising labour costs and the risk that demand from developed economies would slow as interest rate rises took a toll, but there were also hopes that trade with China would stabilise in the year ahead. The Australian listing finished 4.5% up on the day.
